XCMG holds off on IPO launch – again

The Chinese construction machinery maker decides not to launch a downsized deal today as planned, even after increasing the bookrunner line-up to 12 banks.

XCMG Construction Machinery has decided not to go ahead with its Hong Kong IPO today as initially planned, according to sources. The company, which had already delayed the launch of its institutional bookbuilding by a week, told investors on Friday that it would proceed with a smaller offering today.

The terms were never finalised, but sources said, the aim was to raise approximately $1 billion to $1.2 billion down from an earlier target of...